Im about to do it today, not really sure if its the right thing to do, but in a few months I wont be able to, becauseof the new laws, anyone ever done it?

well not sure hooowwwww longgggg to make this post ...lol ... but yes ... i did a ch 13 a few yrs back ... i got caught up in a "business partnership" on or around 96 with 3 other people ---- that bled me ....

in 97--- about 5 months into it --- i went to an atty ... and he basically looked me in the eye and said u should just ch 7 and run ! ....

i did not ... held on ... probably too long ... cus finally in 99 i had to ch 13 (mainly cus i owed back taxes ..... )

org note me and we can discuss it furthor ... i am not really proud of it - and sometimes i do have some "regrets " because of all the atty fees that ... basically ... if you can avoid it ... in some ways it could be better ... in other words if you CAN negotiate with whomever is owed money .... etc ....

How much debt are you really in?

You clearly do not understand the new laws. It's not as if you won't be able to file bankruptcy when they change it just means you may not be able to escape all debt. Basically if you are a family of four and make $55,000 you will be required to pay $100 a month for 5 years which seems fair since you have decided that the taxpayers should pay your debts.

You're right -- if you are going to do it, do it now. I recently did some work for bankruptcy attorneys, and if you are at a point where you have to do it, you're much better off doing it before the laws change.

You'll make payments either way, but the amount of your payments and the types of debt you can include in the BK will change.

Here, rather than file for bankruptcy there are companies to help get creditors off your back and help you budget and arrange with creditors for payments.

It is not wise to file for bankruptcy as this goes on our credit history rating and which could affect getting a loan for a car, home, etc.

It's not as hard to recover from filing bankruptcy as it used to be. Working in a BK office, I learned that filers start getting offers from credit companies prior to the BK even being discharged. I've also worked in the mortgage industry, and there are loan programs specifically designed for customers with BK history.

There is a definitely a stigma about filing, but the law provides for it. If it's the right thing for you to do, do it. That said, it still is a rough road to go down.

Best of luck to you!

I filed BK in 2000. At 18, i went wild with all these new, exciting Credit cards.
Charged them all to the max, and paid the minimum on all of them...years went by and I couldnt pay them off. What made matters worse is my dear mom used my name as a co-signer on some of her cards.

At 25, i had no choice but to file. I was well into debt, and couldnt get out. My mom didnt pay hers and I could barely pay mine. So i was getting calls all day long.

It has hurt. Couldnt get a CC for the longest. And when I did, it had a very high interest rate 19%. My car has a high interest rate 10% and its hard to rent an apartment with bad credit.....

gemini13 said:

about 27,000